GST or Goods and Services Tax was launched to subsume majority of the indirect taxes under one umbrella. This uniformity in tax structure and filing returns was expected to bring in more taxpayers. With the addition of over 1 crore taxpayers, it has become a reality now, and the GST collection is over Rs.10 lakh crore already.
As mandated by the Government of India, every eligible taxpayer is required to register under GST regulations to conduct business activities.
You can fill the application online and know the GST status of your application until it is approved. To make the overall process convenient, you can keep track of the same through the reference ID provided to you during registration.
Impact of GST on businesses
The prime change that has been brought with the introduction of GST is a streamlined tax structure. This structure has benefited in the following ways –
- Single registration point
Businesses no longer to have to register at various authorities, for instance, VAT, local bodies, service tax, etc. All they have to do is register at GST portal login and do away with several registrations, thereby minimising the burden of keeping of all.
- Standard tax compliance
One of the most crucial impacts of GST on small and medium businesses with the integration of all the indirect taxes into one single tax is that companies will not have to pay multiple taxes. Paying a single tax at a standard rate will reduce the cost considerably as well as simplify the structure too.
- Reduction in manufacturing cost
GST has also remarkably impacted the manufacturing sector by reducing the taxes on raw materials. This decrement, in turn, is likely to reduce the cost of consumer goods which is a huge relief for the common taxpayers. As a result, people can eliminate extra expenses and increase their savings.
- Simpler calculation
Taxation on sales and services are calculated together. GST is to be calculated on the whole amount which will help in eliminating the old and complicated tax calculation methods.
In a nutshell, GST has impacted the manufacturing sector, telecom, new businesses, and ordinary people, as a whole. Besides, simplifying the tax calculation has led to a broader tax collection base due to the increase in taxpayers.
GST on new businesses
Also, starting a new business is simplified due to the ease in tax registration. All you have to do is visit the GST portal online and register your business entering the necessary details.
To register from the GST login, go through the following steps –
- Enter the details of your business name and PAN to obtain TRN or Temporary Reference Number.
- Login again using TRN and the Goods and Service Tax login portal.
- Submit the other documents, and you will receive your ARN or Application Reference Number.
This reference number will aid you in tracking the GST status. Once you receive the GST certificate, you can use it to avail a line of credit for business expansion as well.
Leading non-banking financial organisations like Bajaj Finserv provides business loans at affordable interest rates to individuals seeking finance to expand their business.
They also provide pre-approved offers to make the loan application process easier and faster. These are also available on various other financial products like personal loans, business loans, etc. You can take a look at your pre-approved offer by submitting a couple of essential details including your name and contact number.
Note that GST registration is mandatory for individuals as well as businesses. Filing GST returns is now compliance put in place for multiple tasks such as to avail financial products.